UPDATED- Tony Gibbs steps down as Tower chairman
UPDATED- Veteran businessman gives his reason for stepping down after five years in charge.
UPDATED - Tony Gibbs says he has stepped down from Tower because "Guinness Peat Group and its two board nominees have indicated they will want to have greater direct control over the operations and future strategy of Tower and its business.
"In these circumstances it is appropriate that I make way for GPG to bring to bear its strategy for the company and its shareholding in Tower and communicate this to all shareholders.
"I’m proud of the progress Tower has made over recent years since separation which include increased year on year profits and reinstatement of dividends.
"I wish the company well for the future, and I now look forward to new opportunities."
Tony Gibbs has resigned as chairman and director of NZX-listed insurance and fund management company Tower (NZX:TWR).
Mr Gibbs has been chairman of Tower since 2006 following the separation of the former Tower Australian and New Zealand businesses.
Group managing director Rob Flannagan says under Mr Gibbs’ leadership the company's profitability has grown from $25 million in 2006 to $58 million in 2010, and the company began paying dividends to shareholders in 2009.
The board has appointed Bill Falconer as chairman, and has brought forward its succession plans with the intention of appointing a successor for Mr Gibbs.
Mr Falconer says Tower's current strength is in no small part due to Mr Gibbs' passion for the company and his commitment to its success.
Niko Kloeten
Mon, 29 Aug 2011
Mon, 29 Aug 2011
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UPDATED- Tony Gibbs steps down as Tower chairman
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